One of the reasons the world is in such a financial mire is that - TopicsExpress

One of the reasons the world is in such a financial mire is that so-called expert economists advising our governments are never taught the truth about how money is created but continue to believe the myth that savings (capital) are necessary for bank lending to drive capitalism. Credit creation by privately owned banks like Barclays makes up 97% of all UK money in existence: newly created funds - for things like your mortgage or business loan - are conjured into existence purely by the magic of double entry accounting rather than borrowing the cash from savers deposits. Hence modern day capitalism has been corrupted and should more rightly be labelled creditism.

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